michelmore still persisting with century, page-38

"If OZ Minerals executives aren't able to forecast underlying demand for the products they sell, one wonders exactly what they are there for?"

This is one of the sillier things I've read. If the author of this article, who is not credited but I assume is Glenn Dyer, thinks that all directors of mining companies have a crystal ball which accurately forecasts supply and demand for a given commodity, why on earth does he think they wouldn't quit the directors game and simply become futures experts?

NOBODY forecast the depth of the crash in commodity prices except those whose job it is to be an ultimate bear and say I told you so when it happens. A bit like the old saying about the economists who have correctly forecast 59 of the last three recessions.

I have resigned myself to unsecured creditors getting nothing from the corpse of OXR. Not because it is a crap company, but because in the end timing beat them. The financial crisis put a lid on borrowings, which gave CBA an excuse to refuse their share of the refinancing, even though every man and his hound can see that if PH is allowed to get to production by the spending of a measly amount of money, everyone will live happily ever after.

IMO there is no argument that Ross Griffiths of CBA is the villain here. It will be he who finally decides whether shareholders lose everything, and let's be honest about it; now that he's come this far, why go back? He is answerable only to CBA shareholders. As someone with a significant amount of superannuation entrusted with Colonial First State I've made it clear that should CBA go through with their short-sighted plan, my money will be transferred asap and as far away from CBA as possible. Will that make a difference? HA!

Nobody is going to buy or even contribute to the recovery of even the most magnificent specimen if they can wait a few weeks and pick at the corpse for peanuts. Law of the jungle.

The only way to win on this baby now is to find someone to offer you odds about the refinancing going through. What's a couple more thousand after all? Anybody offering less than 100-1 is ripping you off.

Goodbye OX, it was an interesting ride.